HTCC announces EUR200m floating rate senior notes offer

Alternative operator Hungarian Telephone and Cable Corp (HTCC) has announced a EUR200 million (USD270.5 million) floating rate senior notes offering through its wholly owned subsidiary, HTCC Holdco II. The proceeds of the offering will be used in part to finance the acquisition of rival telco Invitel from Magyar Telekom, with the remainder used for refinancing debt of HTCC units Hungarotel and PanTel. Upon completion of the transaction, Magyar Telecom will assume the obligations under the notes and also become the parent company of Hungarotel, PanTel and PanTel Technocom.